BTC - If history repeats, BTC will surge upward Nov 2020
Hey, folks. If history repeats itself, BTC should finally break above its current resistance by the US presidential election in early November, 2020.
Here's the pattern...
Blue lines show the resistance. From its peak of Dec 2013 to its halving in Jul 2016, BTC remained contained below a line of resistance drawn from the peak to the halving. Similarly, from the peak of Dec 2017 to the halving in May 2020, BTC has remained contained below a line of resistance drawn from its last peak to its last halving. That's the resistance line, from peak to halving. It happened twice.
Pink circles show break-out above the resistance lines. A few months after the 2016 halving, at around the time of the US presidential election, BTC finally broke above the resistance line, on its way to another peak some 13 months later. We might, therefore, expect BTC to finally break above its current resistance line this November, on its way to another peak around 1 year later, toward the end of 2021.
Notice too that the BTC price at the 2016 halving was about half the price of the prior peak of 2013. Similarly, BTC's price at the 2020 halving was about half the price of the last peak of 2017.
So far the pattern seems to be repeating. We'll have to wait until November to know for sure.
Here's the pattern...
Blue lines show the resistance. From its peak of Dec 2013 to its halving in Jul 2016, BTC remained contained below a line of resistance drawn from the peak to the halving. Similarly, from the peak of Dec 2017 to the halving in May 2020, BTC has remained contained below a line of resistance drawn from its last peak to its last halving. That's the resistance line, from peak to halving. It happened twice.
Pink circles show break-out above the resistance lines. A few months after the 2016 halving, at around the time of the US presidential election, BTC finally broke above the resistance line, on its way to another peak some 13 months later. We might, therefore, expect BTC to finally break above its current resistance line this November, on its way to another peak around 1 year later, toward the end of 2021.
Notice too that the BTC price at the 2016 halving was about half the price of the prior peak of 2013. Similarly, BTC's price at the 2020 halving was about half the price of the last peak of 2017.
So far the pattern seems to be repeating. We'll have to wait until November to know for sure.
The first cup is under the first blue line, where it goes from the peak of 2013, down to the orange support line, then up to the 2016 halving. Its handle is from the halving to the break-out above resistance at the election of Nov 2016.
The second cup is under the second blue line, where it goes from the peak of 2017, down to the orange support line, then up to the 2020 halving. Its handle is from the halving to what should be the next break-out above resistance at the election of Nov 2020.